ZKX protocol, the first perpetual futures exchange on Starknet, has ceased operations due to low user engagement and trading volumes.
Founded in 2021 by Eduard Jubany Tur, Naman Sehgal, and Vitaly Yakovlev, ZKX aimed to bring decentralized derivatives trading using zk-rollups. Despite raising $4.5 million in 2022 from notable investors like StarkWare and Alameda Research, the platform struggled to sustain itself.
Tur announced the shutdown on July 30, 2024, urging users to withdraw their funds by the end of August. The decision highlights the challenges of achieving economic viability in decentralized finance.
